Lilly said on Tuesday that it expected revenue of $20.2 billion-$20.7 billion for 2016, below the average analyst estimate of $21.36 billion, according to Thomson Reuters I/B/E/S.

The drugmaker's adjusted profit forecast of $3.45-$3.55 per share also fell short of analysts' expectations of $3.65.

Lilly's shares fell about 1 percent to $82.07 in premarket trading.

Analysts said the forecast was "very conservative" and pointed to uncertainty on foreign exchange trends.

Foreign exchange headwinds account for about $675 million of the $1 billion miss on the revenue forecast, Bernstein analysts wrote in a note.

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Excluding foreign exchange headwinds, the forecast represented a growth of mid to high single digit, "which is quite healthy versus peer companies," they wrote.

Lilly estimated earnings of $2.28-$2.33 per share for 2015, below its forecast of $2.40-$2.45, citing an after-tax charge of about 12 cents per share related to the acquisition of rights to a glucagon nasal spray from Locemia Solutions.

Lilly has recently launched its Jardiance treatment for diabetes and Cyramza drug for colon and lung cancer.

Jefferies analysts said they expected Lilly to raise its forecast during the year as the rollout of new drugs continues.

(Reporting by Amrutha Penumudi in Bengaluru; Editing by Saumyadeb Chakrabarty and Kirti Pandey)